Regenerative Electric Power Drive Systems News

Solomon Technologies, Inc. (OTC:SOLM), a developer and manufacturer of regenerative electric power drive systems and high-voltage direct current power systems, announced its 2008 third quarter operating results for the period ended September 30, 2008. Revenue for the quarter ended September 30, 2008 was $2,376,527, an increase of 11.4% compared with the quarter ended September 30, 2007. The increase in revenue is primarily attributable to sales from the Solomon's Power Electronics Division. Gross profit for the period was $911,727 compared with the year earlier period of $972,173. The company reported a net loss for the three months ended September 30, 2008 of $1,785,130, a 67% reduction from its net loss of $5,366,547 for the three months ended September 30, 2007.